Panoptic Development has received a $41 million construction loan for its 154-unit community in Canoga Park, Calif. NorthMarq arranged the construction financing for Riverpoint/Warner Center through its relationship with a private lender.
The property is located at 6801-6819 Canoga Ave., a block away from the Westfield Topanga Mall and 1 mile from Pierce College. Downtown Los Angeles is 26 miles away.
“We were successful in structuring a high leverage construction loan at 75 percent LTC with flexibility of adding PACE financing after closing,” said David Blum, senior vice president & senior director of NorthMarq Capital’s Los Angeles office, who arranged the loan on behalf of Panoptic. “This will be an A quality asset with amenities catering to the Warner Center demographics and flourishing growth.”
Earlier this year, NorthMarq Capital arranged a $141.5 million refinancing loan for a 535-unit community in Orange County, Calif.
Image courtesy of NorthMarq Capital